Do you wish to customise the colour and label used for each cell in the Risk Matrix to ensure that it displays what is required for your business? If so, please follow the steps below.
You can also customise the reference data for each Risk Area (i.e. the information displayed at the top and to the left on the matrix) to help ensure that the selections made are consistent between different Risk owners.
What is a Risk Matrix?
Risk Matrix is a tool used to assess and quantify the Initial and Residual Risk for each Risk captured in the Risk area. The Risk Matrix is divided into a number of cells or zones, with the Likelihood of the event occurring on one axis and the Consequence of the event on the other. The Likelihood and Consequence information serves as a guide for understanding the Risk score being applied, ensuring consistency in capturing Risks across the Organisation.
The Risk Register has customisable Risk Matrices that can be tailored for each Organisation. It is possible to configure the Risk Matrix for each Risk Area. For each Risk Matrix and Risk Area you can configure:
The Risk Rating label
The colour (from the available palette)
The value (used for ordering)
The Likelihood reference data
The Consequence reference data
In order to configure the Risk Matrix, you must have the permission to manage Categories, Risks & Owners / Entire Organisation (Risk RW Org). To access the Risk Areas, you must have Superuser permission.
How to update the Risk Matrix?
Navigate to the Risk Module > Configuration > Risk Matrix Options.
Select the Risk Area you want to modify from the dropdown.
Set up the configurations (such as label, color, and rating) for each cell.
Configure the Likelihood and Consequence information. (Refer to the examples below)
Consequence
Insignificant: On-site contained spill. Isolated complain. No media
Minor: Off-site contained spill with no environmental impacts. A few local complaints.
Moderate: Off-site environmental impacts not requiring regulator notification
Major: Temporary Ecosystem damage or requires regulator notification >30 complaints
Critical: Permanent loss of ecosystem, or regulator prosecution >50 complaints
Likelihood
Almost Certain: Expect it will happen, Once a month
Likely: Probably will happen, Once in 1 year
Possible: Happens occasionally, Once in 2 years
Unlikely: Has happened before, Once in 5 years
Rare: Not happened before, Once in 10 years
Preview:
Hit Save to update.
It is important to carefully consider the settings for each Risk Area that you will utilise. If you require assistance with configuring your Risk Matrix, please contact us at support@complyflow.com.au for further assistance.